Current through Register Vol. 63, No. 9, September 1, 2024
(1) The
Voluntary Disclosure Program allows a Holder to come into compliance with the
reporting and delivery of Property presumed abandoned under ORS 98.302 to
98.436 and these rules without penalty under ORS 98.992 during the period the
Holder participates.
(2) To
participate in the Voluntary Compliance Program, a Holder must meet the
following criteria. The Holder:
(a) Has
identified that it did not report or underreported Property that was Reportable
and deliverable in a prior year;
(b) Is not subject to a current Examination
under these rules; and
(c) Has not
participated in the Voluntary Compliance Program or the Self-audit Program
within the past ten years. The Treasurer may waive this requirement if the
Property type is new or associated with a merger or acquisition of a new
company.
(3) If the
Holder qualifies to participate in the Voluntary Disclosure Program, the Holder
must:
(a) Enter into a Voluntary Disclosure
Agreement with the Treasurer.
(b)
Conduct a complete examination of the Holder's, the Holder's subsidiaries or
other related entities books and records for the six years immediately prior to
participation;
(c) Report and
deliver Property as required under ORS 98.302 to 98.436;
(d) Disclose the following for each
subsidiary or related entity:
(A) The Employer
Identification or Tax Identification Number issued by the Internal Revenue
Service;
(B) The state of
domicile;
(C) The state of
incorporation; and
(D) The Holder's
corporate structure.
(e)
Disclose, in writing, all business positions, methodologies, and estimation
techniques, if applicable, used to determine Reportable Property;
(f) Disclose the Due Diligence performed to
locate Owners under the Examination period;
(g) Verify the content and accuracy of the
records examined to the Treasurer, including the reason for each missing or
unavailable record; and
(h) File an
electronic report in the form and format required by the Treasurer under OAR
170-145-0020 within 180 days after the Holder enters the Voluntary Disclosure
Program.
(4) When the
Holder completes the Voluntary Disclosure Program, the Holder remains subject
to a penalty for failing to report, pay, or deliver Property under ORS 98.302 to 98.436 for periods other than those covered by the Voluntary Disclosure
Program.
(5) The Treasurer at any
time may conduct an Examination of the Holder's records under ORS
98.412.
Statutory/Other Authority: ORS 178.050, ORS 98.302 to 98.436 & ORS 98.992
Statutes/Other Implemented: ORS 98.302 to 98.436 & ORS
98.992
